Aavegotchi, an upcoming game on Ethereum which combines decentralized finance (DeFi) with non-fungible tokens (NFTs), staking feature for GHST tokens is now live. Users can start staking GHST to earn FRENS points.
What are FRENS points?
The new feature is a small detour from the official roadmap. It looks like the dev team wanted to keep the community excited for Aavegotchi coming to mainnet. Potentially, they are worried investors may get a little anxious – time always moves differently in crypto! The new functionality follows similar NFT mining strategies we’re seeing on platforms like Don’t Buy Meme.
Users can earn FRENS points by staking their tokens or Uniswap LP tokens. These points are redeemable for tickets that have 6 different rarity levels. Also, tickets follow an ERC1155 standard meaning they can be traded as collectible via markets such as OpenSea or Rarible. Essentially, tickets allow holders to enter special Raffles where lucky participants will be able to win vouchers for rare Aavegotchi Wearables.
The vouchers themselves will also be ERC1155 compliant, which opens up possibilities for some exciting collectible hunting before the mainnet release.
How to stake GHST token?
Stake GHST, Make Frens!
- Buy GHST tokens. You can use the official GHST token pool (a Curve fork) or use the Uniswap pool.
- Stake your tokens. This happens via the new staking UI page on the website. Note if you are a GHST Uniswap liquidity provider, you can stake your LP tokens.
- Redeem FRENS points. Using the Aavegotchi shop you can choose which Raffle tickets you would like to buy.
Currently, a Common ticket requires 50 FRENS points whereas a Godlike ticket needs 50,000 FRENS. Remember, the only way you can earn FRENS is by staking GHST – you cannot buy the points directly. For Aavegotchi enthusiasts, it’s important to know that staking 1 GHST-ETH LP token earns 100 FRENS per day, whereas staking 1 GHST earns 1 FRENS per day. Good luck!